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rocketing deficit. our national deficit that he will tell you has been going up and up and up like a rocket and spiraling out of control like a something going out of control and paul ryan is just so right and if congress and president obama do not do something to stop the sky rocketing deficit, to sop up the red ink, if they don't by new years or whatever the emergency is supposed to happen we will go flying off the fiscal cliff and not like these guys that mean to do that but more like cliffhanger cliff on the price is right for which going over the cliff is a dire mistake. you will hear this at thanksgiving dinner table. when someone inevitably brings up the fiscal cliff and how our sky rocketing deficit is a huge danger to us, do not crawl under the table. do not give up on thanksgiving. help your giant uncle understand what he is freaking out about is not true. it is easy. there are visual aids that might help. first of all, the amount of money borrowed by the government has been going down, not up. this is the deficit in '09 when president obama took office and inherited the deficit f
it will reduce the deficit. not because it's good for the economy. he has a totally noneconomic reason for it and he's serious, we'll tell you what it is next. >> new at 10, warren buffett who has been begging the government to raise taxes on rich people like himself, well, instead of writing a check, he says, we should tax the rich because it will, quote, raise thh morale in the middle glass. he's serious. and all raising taxes on the wealthy may do, the big story of the day, president obama's campaign, holding more meetings on the fiscal cliff instead of real talks with politicians who have to decide this thing. and going on the road and selling the campaign harry reid says no cuts, democrats have cut spending and entitlements already. >> remember, we've already done more and billion dollars worth of cuts and we've already done that and we need to get credit for at that and these negotiations that take place. >> and the president's position, no more cuts, we're talking about it all with this company. sandra smith is here, and charles payne and as always on the floor of the new york
approach to reducing the nation's deficit. let's bring in our panel. mary katharine ham editor-at-large of hot air.com and fox news contributor. peter mirijanian former advisor to the clinton-gore and gore-lieberman campaigns. when the president arrives at the white house to speak, he will have people behind him, ordinary americans who reached out to the white house and want their $2,000 middle class tax cut preserved. republicans are saying this is essentially a campaign stunt, a campaign appearance kind of event of the he won the election. he should get on the business of governing. what do you say? >> well, one quick observation, jon. i think what you're seeing, what i think is interesting the first social media presidency. this administration using technology and using social media to advance their agenda. but look, all presidents do this. george w. bush after his re-election famously said he has now the political capital he intend to use. so going to the public and going sort of over the head of congress is something democratic and republican presidents always do what they
it and they are very, very, very loathed to break it. and that's made it impossible to reach a deficit reduction deal, until now. "the new york times" has an article in which republican after republican after republican goes on the record by name dismissing his pledge and his power. peter king says a pledge is good at the time you sign it. in 1941 i would have voted to declare war on japan. but each congress is a new congress and you can't have a rule that you're never going to raise or lower taxes. i don't want to rule anything out. senator of georgia said, i'm frankly not concerned about the norquist pledge. senator john mccain said fewer and fewer people are signing this "pledge." it's actually a pledge, but any way. senator coburn called it "a tortured vision of tax purity." and it did you want end there in that article. bill crystal said this. >> let's have a serious debate. don't scream and yell when one person says, it won't kill the country if we raise taxes on millionaires. i don't understand why republicans don't take obama's offer. >> a calmist at the national review wrote, as a matter of
to fix this borrowing debt deficit issue in the book, vice president biden's chief of staff, talking about the economic crisis in 2011, that's exactly what is going on. there is so much evidence that it is the biggest future. we are on the path becoming europe and greece. you just can't keep borrowing money. there is a stunning and fiction in this country, and we need some sort of we need some serious intervention. in the book, what i attempt to do is take people to the presidents and leaders and tell you exactly because of the luxury of time and my publisher, simon & schuster, i declined to get the meeting notes to get the exact detail to interview president obama and speaker boehner and the key players in this. i just want to take one quick snapshot from what happened that we didn't know about, which is critical. when the cops pull up less when the president was upset, he called the congressional leaders on a saturday morning at 11:00 o'clock a.m. the democratic and republican leaders were trying to work out their own deal. harry reid, the democratic leader, said to the president,
the type of serious deficit reform needed to bring down the $16 trillion debt? >> well, you know, i think anytime you're talking about a deficit, there's two ways to bring it down, and i know you know this well. you're either going to raise revenue or have cuts, and i would continue to argue for a balanced approach which means i do think you can find savings in both programs. but what i'm concerned about is what the real agenda is and the real agenda, in my opinion, is to end medicare. i mean, that was certainly a big item in the presidential debate is changing medicare into a voucher program. so what i don't believe in is changing the fundamental structure where we break the guarantee to seniors that we've had in our country for decades. that i disagree with. finding savings, there are certainly ways to do that in both programs, but neither one is going to balance or is going to address the deficit without clearly raising revenue. >> an interesting thing has developed among some of your fellow members in the house, democratic caucus, peter welch of vermont, if a deal is bad, that if it's
the bars below zero represent years when the deficit grew. these bars above zero represent years when the deficit shrunk. we're here right now in the deficit shrunk portion of the chart. the point of the shrinking on the whole chart back to 1950. when somebody stops inevitably matering about the fiscal cliff and the sky rocketing deficit, they don't know what they're talking about and they probably don't know it is wrong but you can help with visual aids. we have posted both of those charts we just showed you on our blog and you can load them on your smartphone or ipad to pass around the table and print them out on paper in case your uncle doesn't look liking at these new things. those are waiting for you now. we are here for you. you can do this. report back and let us know how it went. that does it for us tonight. have a great thanksgiving. we'll see you monday. now it is time for the last word with lawrence o'donnell guest hosted by the spectacular ezra kline. good evening. >> good evening, rachel. i am glad to know other people bring charts to thanksgiving dinner. >> we're pr
and be on the group with a group of bipartisan business leaders and deficit hawks getting something done, meeting with republicans and democrats. do you have any more optimism let me point out you and your pal erskine bowles, he was quoted as saying he's more pessimistic something will be accomplished. >> my poor dear partner, bloodied but unvowed, six months ago erskine was saying i think we can get there. now, he's pessimistic. would be a word. we were just with a group go big or go home, democrats and republicans alike, they've got signatures of over 200 -- 102 house members, half of the senate working for us, equally divided on both sides, you have to have something bipartisan. you can write it on a single sheet of paper if it had firewalls and triggers, and if it were just signed by an equal number of democrats and republicans, the markets would lay off of us. if they continue to see this dead-head struggling, the same old stuff, they're going to punish us. when they do the guy that will get hurt is the little guy, middle class, inflation, interest rates, that's who gets hammered. what an ir
on a comprehensive plan to bring down our deficits, to streamline our tax system, to do it in a balanced way, including asking the wealthiest americans to pay a little more so we can invest in training, education, science, and research. now, i know some of this may sound familiar to you because we talked a lot about this during the campaign. this shouldn't be a surprise to anybody. this was a major debate in the presidential campaign and in congressional campaigns all across the country and a clear majority of americans, not just democrats but also a lot of republicans and a lot of independents agreed we should have a balanced approach to deficit reduction that doesn't hurt the economy and doesn't hurt middle class families. and i'm glad to see, if you've been reading the papers lately, that more and more republicans in congress seem to be agreeing with this idea that we should have a balanced approach. so if both parties agree we should not raise taxes on middle class families, let's begin our work with where we agree. the senate's already passed a bill that keeps income taxes from going up
krugman sounded a different note today in the "times" and is talking about this idea that cutting deficits is a number one priority. he writes supposedly any day now investors will lose faith in america's ability to come to grips with its budgets failures. when they do there will be a run on treasury bonds, interest will spike and the u.s. economy will plunge back into recession. this sounds plausible to many people because it's roughly speaking what happened to greece but we're not greece. he's saying while this is a real dynamic for some countries, it is not because of the way we fund ourselves, is that right, ben? >> that's right. i would say morning munnize not actually by given name. >> i didn't know that. >> he's right, we're not greece, we're a much larger economy. we can grow our way out of debts and deficits. we've got a ginormous economy. we had a huge black friday weekend. probably $600 billion for the total shopping over the holidays. the question is, as we get close and getting into december, if it looks like talks are breaking down and we have the same old lines on no tax inc
. it almost makes me upset. interest rates are going down because they can't get a hands l on the deficit because stocks are going down. that's the reality we're dealing with. consumer confidence this morning, listen, i'm worried about the fiscal cliff. i have my button on. anybody who tries to put words in the general public's mouth about the fiscal cliff, these confidence numbers dispel that notion that they're worried. they probably don't even really know the details. >> david kudlow, you are taking something of a risk-on strategy. you're going with the high-growth, high-dividend plays in this market, aren't you? >> yeah, we are. it's a strategy that's worked quite well p the uncertainty we've had over the fiscal cliff. with the positive economic data coming in, high-growth areas have done well for us. hi areas have helped diversify and steady the portfolio. >> you're not worried about impact that the fiscal cliff could have on the tax treatment of dividends out there? you get all these companies imposing early dividends, special dividends to try and slip it in before the end of the ye
over the next ten years. that's about 40% of the $4 trillion deficit goal that we have. that's the same thing that simpson-bowles had, 40% revenue. so the only way you can reach that, incidentally, is to allow the rates to go up. just this idea of we're going to take a look at the tax code, change some credits and deductions, you can't come up with enough money. >> so any deal will have to include at least some hike in the tax rate. >> i don't think there's any other way to approach it. that's why the president has taken this position. if we're going to make sure, for example, that we spare families making $250,000 a year or less from any income tax increase, then this idea that we're going to go into the tax code and find $1.6 trillion over ten years becomes almost impossible. we need to protect those middle income families. >> you said today that congress should deal with the fiscal cliff crisis now, but tackle entitlements, the entitlement questions, later. yesterday, senator lamar alexander said the only thing the president has to do to get an agreement from republicans now is in hi
conversation for republicans in this era. one is deficit is the biggest problem. here we are with the cliff, the curve, whatever you want to call it and what do we find out? even republicans are warning they don't want to go over the cliff because guess what? just cutting the deficit without any regard to the rest of our priorities is a bad idea. it happens to be the heart of republican economic policy and the other thing about never raising taxes, guess what? we don't have the gdp to seniors ratio than we did 20 years ago, so if we're going to be serious about an ageing population, it means you can't stick to these fa fantasies. >> i remember two years ago on the show, introducing him to the audience and explaining he's the most powerful republican in government and i had to do this long thing on who he is. and now, here he is in the center of this debate. let's listen to what the republicans are up against in the negotiations with the white house. jay carney indicated today what the president's stance is on income tax rates. >> i would say also that the president has made clear that he wi
the bush tax cuts for over $250,000 expire, $80 billion. deficit of $1 trillion a year. you are only 18% of the way. you are still missing 82% of the pie here. that is the number. >> dana: two minutes left, can i ask you one other thing. transparency. some on right try to push for negotiations to be in the public and broadcast on cspan. that is a terrible idea. >> brian: it is terrible idea. the only time they dealt with the sleeves up and working deals out, grant you, eric, you are right. the grand compromise. you talk about stimulus and obamacare and the auto bail-out they did it on their own. president was not engaged. he passed it along. i don't care what harry reid says. medicare and medicaid and social security have to be restructured, not fine tuned. obamacare has to be in play. >> eric: you don't want to see it on c-span? i do. >> andrea: you worked on the hill, i did. we worked in washington. the chances of it really happening on c-span would happen in the men's room and the hallways. call each other after the camera left the room. someone brought this idea to me and it's reall
. >> dana: all right. >> eric: obama have to advertise he promised to -- [ laughter ] -- cut the deficit in half? >> dana: where will it end? >> kimberly: we want an apology. >> dana: super pac ad with apology. >> kimberly: deliberately dezeed the american people. >> bob: that is not true. >> dana: we'll ponder that. coming up, 5 a 50 million reasons you might not want to win tonight's powerball jackpot. brian has all of those next on "the five." ♪ ♪ >>> i'm bret baier in washington. the big story here today is a new develop in the president obama's evident to get off the fiscal cliff. tonight on "special report," the president may be trying to divide budget negotiations in two pieces, insisting on tax increases for high earners this year with a promise to cut spending next year. some critics call it wimpy from popaye strategy, gladly paying you tuesday for a hamburger today. house speaker john boehner insists the republicans are willing to work with the mt. offering the tax revenues if significant spending cuts are part of the deal. is social security on table? should it be? we hear
're willing to close tax loopholes to reduce the deficit, now we haven't yet seen that from congressional republican leaders, but we obviously are seeing it from prominent republicans you showed including senator graham and senator bob corker. >> question about two of those gentlemen here in a moment. cnn this morning talked to grover norquist, incumbents dare to break this pledge, dare to vote to raise taxes. the question was will he do it again? here's norquist. >> we would certainly highlight who has kept their commitment and who hasn't, but the point is historically the people who lose do so because the people in their state have figured that out. >> back to, i think, where you were going a moment ago, bob, it is interesting that when you look at the top two, two of the top republican senators we're talking about who are flirting to break this pledge, break with grover norquist and consider raising taxes on the wealthy they both face re-election in 2014. i'm talking about saxby chambliss and south carolina's lindsey graham. does that say to you that the political winds could be shifti
the typical washington show game and take a few bills. if we want to cut the budget deficit we have to look at everything that's been passed and make decisions against each of those. if obama-care is the most important policy considered its survives. if there are other things being considered it doesn't survive. that's the only way to approach cliff that's running out very quickly. rick: if there is a deal spending cuts have to be put on the table and obama-care cost a lot of money. >> that's not true. it cuts the deficit in a 10-year period and even more so over 20 years. john boehner said in his own op-ed that he tried two different ways to get rid of obama-care, going to the supreme court and in the election. they tried 33 times to repeal obama-care in the congress and failed all 33 times. the bottom line is now we have obama-care. it is the law of the lands. we need to take the off the table and focus on the bush tax cuts which american voters decided they want to keep for people under $250,000 and they want to get rid of for people making more than $250,000. rick: obama-care lowers the
in the deficit but a 4% cut in the gdp throwing us technically right into recession. is that you're belief if we don't do anything between now and january 1st this country will go into recession, jared? >> it is my belief if we go over the cliff and stay over the cliff. if we're able to hammer out a deal, even if that deal isn't completely stamped and approved on january 1st, there is the possibility of a very temporary trip over the fiscal slope, if you will, and then a reversal. but if we go over the cliff and stay over the cliff i'm pretty sure we'd be looking at recession. >> what about the impact on world markets and money markets in new york, et cetera, et cetera, what would it do about the confidence of the united states' ability to deal with fiscal matters, if we go over the cliff in any way? >> yes. if you look at those markets today you'll see they're pricing in a solution. that's why treasury bills have a yield of 1.6%, historical low. if those markets believed, as i described it, a deal was in the offing just wasn't signed on january 1st we'd be okay with a temporary trip over the cl
should address the drivers of the deficit and social security is not currently a driver of the deficit. >> they made that abundant ly clear. when they say entitlement reform it does not include social security and what they define it as. grover norquist is having to defend himself after several prominent senate republicans indicated a willingness to break his famous pledge, arguing republicans who agree to tax hikes just like they did under president bush. >> it is important that the republicans don't have their fingerprints all over the murder weapon, their fingerprints all over a lousy budget deal with tax increases and no real spending, just as happened to republicans in 1990 which cost us the presidency in '92. >> "the wall street journal" defends norquist today writing, quote, the voters are smart enough to know that republicans who focus on mr. norquist are part of the problem. interesting calling out those republicans by the wall street editorial. norquist is a bit of a media creation. remember this. he's an easily digestible symbol of ideological purity. the people who actually
not contributed to the deficit, and it shouldn't be part of the discussion. i think the press office said that the other day. we completely agree with that. we should set social security aside. it is solvent for decades, and by simply kicking in the social security tax above $250,000 you can make it solvent for decades more. so that's less of an issue i think in reality than it is in the long time republican desire to attack it whenever they can. remember, this is a party that tried to put it into the stock market just before the crash. >> i remember. >> so they have a long history of going after social security, and we have to, i think, set it aside. medicare is a more complicated problem because we have a health care system in this country that's immensely expensive, way too expensive, somewhere between $700 billion and $1 trillion a year by most standards, and 40% of that washes back through the federal budget. my position is that if we're going after the old folks on medicare and cutting their benefits, if we're going after the families who have a disabled child who couldn't take care
our bond rating to drop is the fact we're running unsustainable deficits and not dealing with our problem. that's exactly what the -- what the speaker is trying to get at. in terms of this issue, again, look, these are all people i like. these are people i agree with philosophically. i also want to do a good deal for the american taxpayer, including 98% of them. if we can take care of their issue -- i think we'll win the debate. i think they agree with us fundamentally that increases in taxes on anybody cost jobs. that's not good. but as long as it's owe their head their taxes might go up, i think they don't really have time to focus on that debate. again, i just think we ought to take that off. we agree with the president on that. but i respect the speaker. i support the speaker. >> we'll watch how this plays out. >>> joining me is democratic, barbara boxer wrote in politico today. we're looking there at a picture of, senator, of tip o'neill and reagan signing the bill. >> yes. >> on social security reform. you spoke about an earlier issue in your piece today about how they got t
the revenue that gets us out of the deficit. >> a $4 trillion deal would be your goal. i want to focus on maybe something that hasn't been talked about as much, and that's entitlement reform. and the big one here would be medicaid and especially medicare. if you had to tell your democrat colleagues, here is the one reform that i think you should make to medicare, to reduce the growth and expenditure there, what would it be? would it be increasing the eligibility age? would it mean that the wealthy have to pay more? what would it be? >> there are any number of those things. you say to people at or near retirement, we're not going to change it for you. but for younger people, they want a change. they'll support it because we've got to make sure these entitlement programs are solvent both now and for the future. so i believe we can come together in a bipartisan way and do this. it's got to be part of a package in order to get the job done. >> i couldn't agree with you more on that because the history of american workers over the past 24 years is that we have adjusted to reduced benefits,
that reduces the deficit by $4 trillion. that is substance. so he has not waited for people to start smelling the jet fumes at national airport. he has actively put forward a plan. >> top republicans are saying president obama should be spending less time politicking out in the public and more time working behind closed doors in washington to try to hammer out a deal. >> rather than sitting down with lawmakers of both parties and working out an agreement, he's back on the campaign trail presumably with the same old talking points that we're quite familiar with. look, we already know the president's a very good campaigner. we congratulate him on his reelection. what we don't know is whether he has the leadership qualities necessary to lead his party to a bipartisan agreement. >> and at least one top republican is now pushing members of his party to can you tell a deal with the president right now. tom cole of oklahoma urged fellow members to accept a plan tell a deal with the president right now. tom cole of oklahoma urged fellow members to accept a plan for taxes. senate democrats are optimis
and economic impact and we're concerned about that. but when we're dealing with the debt and deficit, no matter what we do, in terms of raising taxes or cutting spending, it has a negative impact but we're running a 40% deficit year in and year out. we have to long term get that better aligned. >>> you're going to get the question, does congress know where the deal is going to come on fiscal cliff ultimately and this is all just posturing? you really don't? >> absolutely not. look, we've been dealing with this for a long time and for every dollar in tacks that you're willing to spend, how do you cure that appetite in an instance? we have hard work ahead of us, no question. >> the rebel group known as m-23 took over a major city. they have plans to move on the capital. it's part of a very bloody, bloody regional war. it's seen atrocity on both sides. it's cost millions of lives. you've been very vocal about it. what should the u.s. be doing here? >> this is the greatest humanitarian crisis that nobody has ever heard of. somewhere between 3 to 4 million people have been killed in the last few yea
something about the $16 trillion deficit, i think the bottom is going fall out of the dollar, totally. >> greta: what has been the -- when you asked to be paid in gold, the answer was what? >> they got, quoted opinions from a progressive pragmatic judge says the constitution says states will pay their debts in gold and silver doesn't mean that. they said that hey, they will wire my payment, my payroll, by wages, they'll wire where ever i want them to. i intend to wire where they'll send me gold and silver dollars for pay. >> greta: so that is taken care of? it's got an extra step or they can write you a check and you can go buy gold if you wantedded. you can get your gold, you can get your gold, right? >> yes. i'll end up getting gold and silver coins, yes. >> greta: anyone else agreeing with you? joining suit? anyone else in the legislature? >> there are a few others agreeing with me, but none have come out and been willing to put their, expose themselves as much. >> greta: what do you attribute the decline to? do you blame it on washington? is there anything in particular you identi
-- or betting there will be a huge issues in the coming years on these -- on the deficit issue, you may want to keep it off the table. >>> there's a third area there. i don't talk to anybody, steve or our guest, who doesn't think the u.s. can easily ramp up growth. the real discussion i don't think is the true u.s. economy. i thinkist the moguling being throw in front of it, our self-inflected issues, you know, last time around we sequestration. are we going to have sequestration 2? of course we'll put a band-aid, but we need leverage to have reform predicated to surrender on the band-aid. >>> we've got to go, guys. i've got to go with this. we've got to move on. this is the last hour of trading, so we've got to move here. thank you for your thoughts today. steve, thank you, you're voting on a committee of politicians. i find hope in that somehow. >> yeah. you're in the hopeful camp. >> hoping at the last moment they will do the right thing. >> was that a pig that just flew by? the market is slowly coming off the lows. >> instead the last time the markets closed in positive territory on blac
large deficits, as well. so the politics in spain slightly skewed as they will be, but not so much pressure on rajoy at the moment. unlikely to ask for assistance in the short term. we also have another euro group meeting take, back in brussels, yes, i know, we seem to have one every week. they may come up with a long term financing deal for greece. finally talking about debt forgiveness in greece which is what we all know has got to happen. whether it can happen before the german elections in the fall next year is a mute point. anyway, that's where we stand. fairly down beat for equities and yields a little bit mixed. back to you. >> all right. thank you very much. let's get back to the fiscal cliff. we've been talking about the issues of taxes. as we mentioned, warren buffett calling for a minimum tax for the wealthy. he starts with suppose that an investor you admire and trust comes to you with an investment idea. this is a good one, he says, i'm in it and i think you should be, too. would your reply possibility be it all depends on what my tax rate will be on the gain you're sa
does not address the debt problem. we don't know how much we address the deficit problem by closing loopholes. impasse. martha: we'll see where that goes. stuart, thanks very much. we'll talk to chris van hollen moments away. bob,er is also here today. we'll get to some of that with them. thanks, stuart. bill: some context from how far the revenue ending bush tax cuts would go. during the 2012 fiscal year it costs $9.7 billion a day to run the federal government. the additional revenue stopping bush tax cuts would bring in $82.4 billion. a number that would run the government for 8 1/2 days. senator corker says there is plan on the table for two years. martha: that grand bargain that was so close. we'll see where that is in terms of both sides. bill:. we're just getting started on this tuesday morning. how about this story? oh, my gosh, a toddler seconds away from almost certain death in this video as a car comes barreling around that bend. we'll show you what the rest of what happens here and we'll tell you what ended up happening. bill: there is new violence on the streets of key
likelihood, taxes are probably going to have to go up across the board simply to deal with the deficit and everything else out there, so if you're a democrat, are you happy or unhappy because once that train starts rolling, it could hit l middle class, which the democrats warn they won't touch. >> i mean, i'm definitely happy about it. it's thanksgiving and i'm very thankful right now for millions of americans who came out on november 6th and declared loudly that the tax reform in particular making especially the highest income americans, you know, actually paying their fair share of taxes. that that's a priority and something that should be pursued in context of the fiscal cliff. the train is rolling and i think it's nice to see even some republicans now eventually realizing that taxes in particular tax fairness, does need to be a substantial part of this fiscal debate. >> but you just skated around my question, which is that if you're going to have real tax reform, almost every economist says the middle class is going to pay more, too. how are democrats going to handle that? >> i thi
revenues to deficit reduction. a significant amount of revenue. >> your colleague from georgia just this week said the following about that pledge not to raise any taxes. >> you know, that pledge i signed 20 years ago was valid then. it's valid now, but times have changed significantly.Ñi and i care more about this country than i do about a 20-year-old pledge. >> it is my view that the issue of taxes is the number one stumbling block to any kind of fiscal deal. that has to be resolved first before you can get to issues like sequestration. when you hear that from a colleague, does it say to you that there is room, and does the president do anything short of raising tax rates on the wealthy? is there anything short of that acceptable? >> well, you've got to raise additional revenues, including tax rates on the wealthy. >> those have to go up? >> they have to go up. there's ways of doing that. secondly, though, we've got to close some significant loopholes. for instance, the ones which allow too many corporations in this country to avoid paying taxes by moving revenue overseas. the us
. let us also take a look at the deductions. let's make sure that revenue is an integral part of deficit reduction. yes, from my side of the table, bring entitlement reform into the conversation. >> so far senator durbin has limited company among some of his fellow democrats. keeping them honest during the last budget showdown, both sides talked like this, but then they backed away. also, as we mentioned a moment ago, there are late new signs na nobody is quite ready to cut a deal. another round of white house talks between congressional leaders and president obama was promised but is yet to materialize. a senate democratic leadership aide told us that staff level meetings p are meant to lay the groundwork haven't been very productive. one senate republican leadership aide accuses democrats of leaking details in order to portray republicans negatively. the aide notes that the talks are continuing, which ifrts can be read as some sort of progress. whether that's real progress or washington progress remains to be seen. >>> a lot to talk about starting with tennessee republican senator bob
those breaks could be chopped to cut the deficit. are those worries overblown? a heated debated is coming up. music is a universal language. but when i was in an accident... i was worried the health care system spoke a language all its own with unitedhealthcare, i got help that fit my life. information on my phone. connection to doctors who get where i'm from. and tools to estimate what my care may cost. so i never missed a beat. we're more than 78,000 people looking out for more than 70 million americans. that's health in numbers. unitedhealthcare. >>> let's get to mary thompson who has more on some of market action. >> more actually on all these companies paying out these dividends, michelle. consider this. last year only 44 members of the russell 3 o -- 3 000 had paid out a special dividend. why the rush? investors want to push out cash before the tax rates jump. take a look at these company names behind us. they're the one december clalar special dividends. on december 18th, a retail warehouse -- costco's payout, one of the ten largest out so far this quarter. in total, thos
the deficit, and the battle lines have been pretty clear right now. the president campaigned rolling back the tax breaks for the highest earnings and republicans argued spending cuts are the way to get the deficit under control. are we starting to see a softening of those positions on both sides? >> reporter: here's what there's agreement on. both sides, both parties agree that the wealthiest have to pay more, and the question now and the sticking point at this stage is how do you go about making the wealthiest pay more? do you do it by raising the tax rates? that's what president obama wants to do. wants to raise the tax freights 35% where they are now up to where they were during the clinton years at 39% what. republicans are arguing is you don't have to do that. you can get all of the money or some of the money that you want by getting rid of loopholes so doing full-fledged tacts reform at next year but don't raise the tax rates at all and somehow get rid of the loopholes. the white house says, hey, that math doesn't work. >> let me pick up on that because we've seen a few republicans
in an opinion piece this week that the president's health care reform must be included in deficit negotiations. >>> before you tell your kids a story of christmas, listen up. the pope is out with a new book, and it debunks a lot of details about jesus' birth. more on that later on this hour. >> here on the help desk we're talking about paying down debt and saving for the future. with me this hour are greg olson and carmen. greg, this question is for you. suzanne told us the more she spends on paying off her debt, the less she has to save. >> how do we balance between saving for the future and paying down some credit card debt? >> you know, those bills come in, and you see that debt, and your eyes just pop out of your head. >> it's an easy question, but i'm very glad she asked it because it's something that most people get wrong. unless you have an introductory rate or you're paying a sfwler 0% introductory rate and have the ability to transfer that in the future, low credit card debt rates are considered 12% right now. show me where you can get an investment that's going to net on an after tax
we need other than taxing the rich? >> we need a framework so you can look and see the deficit is coming down to near zero. that's what we need. >> where do we get the money on the spending side? >> well, first, on the taxes in addition to raising the tax rates, what we're going to start hearing much more about is the unbelievable tax gimmicks. i just want to say, but, joe, one thing about that, if i could. >> where is the spending coming from? >> i want to say one thing about that that's funny. go google and some of our other biggest companies have been hiding profits for years from the irs. with the irs' approval, putting it in bermuda and so forth. now europe is saying, because they use european con duets, okay, we'll tax that. no, that's money that should be taxed by the united states. stow if we continue our gimmicks we're going to lose it to europeans. >> so we have to raise rates and we have to cut loopholes. what about on the spending side? where do we get the money there? >> we're going to have to get defense under control and spend these wasteful wars have added trill
penny to the deficit. we should put together something like a simpson/bowles commission. right now it's going to last for another 22 years untouched, but let's make sure it's stronger, longer. but when it comes to the other entitlement programs, medicare and medicaid, we've got to make certain that we preserve these basic programs, not to go the route of the paul ryan voucherizing, leaving senioring vulnerable for health insurance they cannot find or cannot afford. but make sure we change the program to save the money, reduce the increase in health care costs. medicaid is the one i'll add, joe, that concerns me the most. it has the least politically articulate constituency. these are the poorest people in america. we've got to make sure at the end of the day, we protect the children, mothers with babies, and particularly the frail elderly being covered by medicaid. we can make changes there and preserve the basic integrity of these programs. >> well, of course, people in medicaid don't have the aarp fighting for them day in and day out, running 30-second ads. isn't that one of the gre
to reduce the deficit. the question is how to do it. this is an encouraging development. it suggests that republicans are slowly absorbing one of the lessons of the 2012 election which as elections continue to be wown wop in the middle and victory remains elusive for parties that occupy either the far left over the far right. over the years the democratic party has wrestled with the same issues republicans are facing. when i was elected to congress in 1981, crime was ripping apart my district district. i came to washington with a goal of working to pass new laws to crack down on crime. lo and behold i found the democratic congress at the time was literally outsourcing the drafting of crime legislation to the aclu. i have great respect for the views of civil libertarians but at that time the motto was -- quote -- "let a hundred guilty people foe free lest your convict one guilty person." that dominated our party's thinking on crime for better than a decade. our party suffered for it. we didn't standpoint snap out of it until president clinton passed the crime bill in the 1990's. after
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